Bahari Resources, a privately-owned oil and gas exploration company focused on Africa and the Western Indian Ocean, is delighted to announce the formal approval of the Exploration and Production Sharing Agreement (“EPSA”) by the National Assembly of the Union of the Comoros. In March 2013, the EPSA was signed by the Government of the Comoros following the implementation of the country’s new Petroleum Code at the start of 2013.
The Comoros comprise an archipelago of islands in the Mozambique Channel of the Indian Ocean, between Madagascar and East Africa. The country borders Mozambique, Tanzania, the Seychelles, Madagascar and the Glorioso Islands.
The licence area comprising Blocks 35, 36, and 37 covers approximately 18,000km2, offshore the Comoros, and is adjacent to the proven and prolific Rovuma gas basin, offshore Mozambique. Recent discoveries, estimated at 175 TCF of gas in place, in Area 1 and Area 4 of Mozambique’s Rovuma basin by Anadarko Petroleum Corporation and Eni S.p.A, further demonstrate the significant potential of this acreage. Existing 2D seismic data indicates the possible extension of the Rovuma basin floor fans into the EPSA licence area.
Under the terms of the agreement, the work programme will consist of a phased seismic and drilling campaign, as well as the completion of a regional study of the entire Comorian territory on behalf of the Government. Seismic work is anticipated to commence in Q2 2014.
Bahari is operator of the concession and holds a 40% working interest. Discover Exploration, a company founded by the former management of Cove Energy plc, holds a 60% working interest in the licence.
Peter Wakeling, Managing Director of Bahari Resources, commented:
“We are delighted the EPSA has been approved by the National Assembly of the Comoros. We believe that the Comoros could represent a highly prospective offshore frontier for oil and gas, given its proximity and geological similarity to the vast resources discovered in the nearby proven and prolific Rovuma Basin. With final approvals now in place, we are looking forward to an expedited exploration programme to unlock the potential of the Comorian part of this exciting petroleum province.
In addition to the Comoros, Bahari is currently evaluating a number of opportunities across Africa to develop the Company’s portfolio and we look forward to updating the market in due course.”
For further information, please contact:
Peter Wakeling, Chief Executive Officer
+254 728 544 862
+44 7944 956133
+44 (0)20 7016 9570